The BYU short-term loan is designed to help students pay tuition by the final tuition deadline if financial aid or other payment arrangements haven't been finalized.
- Short-term loans are subject to a $20 processing fee.
- Loans only begin accruing interest if not paid in full by the due date (see payment deadlines below).
- If you take out a short-term loan, you will have a hold placed on your account that prevents you from registering for future semesters or terms. The hold will be released when the loan is paid in full.
- You will not be allowed to take out an additional short-term loan for another semester until your previous short-term loan is paid in full.
How to apply for a Short-Term Loan:
- Go to My Financial Center
- Log in and click on the header Financial Aid/Scholarships and then BYU Short Term Loan
- Carefully read and follow the instructions as prompted
- You have the option of allowing your incoming federal financial aid (if any) to automatically apply towards paying off the short-term loan. If the amount of aid doesn't cover the entire loan, you will be responsible for paying the rest. If you do not want your aid to automatically pay towards the short-term loan your aid will pay for the appropriate charges and the excess (if any) will be refunded to you. You will be responsible for paying off the short-term loan by the due date.
Short-term Loan Repayment Deadlines
- Fall Semester: November 1
- Winter Semester: March 1
- Spring term: June 1
- Summer term: August 1
The amount you borrowed, plus the $20.00 processing fee, will be charged to your My Financial Center. You can repay the loan online (using a free eCheck or credit card with convenience free), or in person (with cash or check) at BYU OneStop (D-155 ASB). Loans not paid by the due date will bear interest based on prevailing rates (currently 12% per annum).